[ET Net News Agency, 6 November 2019] J.P. Morgan lowered its target price for China
Resources Land (CRL)(01109) to HK$43 from HK$43.5 and maintained its "overweight" rating.
The research house reiterated its positive stance on CRL and is turning more positive on
CRL's investment property (IP) business. JPM believes the business is stepping into the
fruition stage with an eventual goal for a spin-off.
In addition, JPM believes the outlook of retail mall operations in China has also become
clearer, given (1) less cannibalization from eCommerce; (2) increasing middle-class
spending; (3) tax reform; and (4) decreasing onshore yield. (KL)